Why Pennsylvania R.E.I.T. Jumped 16% Today [The Motley Fool]
Pennsylvania Real Estate Investment Trust (PEI)
Last pennsylvania real estate investment trust earnings: 2/25 08:06 pm
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US:NYSE Investor Relations:
investors.preit.com
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Source: The Motley Fool
Why Pennsylvania R.E.I.T. Jumped 16% Today The high-yield dividend stock is in the midst of a major turnaround. Shares of Pennsylvania Real Estate Investment Trust ( NYSE:PEI ) popped 16.3% higher on Friday, following the release of the company's first-quarter results. The mall owner generated adjusted funds from operations ( FFO ) -- a key profitability metric for REITs -- of $20.7 million, or $0.26 per share. That came in above Wall Street's expectations for FFO of $0.25. PREIT continues to make progress with its portfolio optimization strategy , which includes selling off lower-tier malls and replacing struggling department stores with stronger tenants. The occupancy rate for its core properties increased by 1 percentage point, to 94.7%. Core mall sales per square foot reached a record high of $517. And same-store net operating income rose 2.2% in the first quarter. PREIT is also using asset sales to strengthen its balance sheet, with $43 million raised from property sales so far
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